HomeMy WebLinkAbout99-258 CITY OF LAKEVILLE
RESOLUTION
DATE: November 1, 1999 RESOLUTION NO: 99-258
MOTION BY Mulvihill SECONDED BY Luick
RESOLUTION AUTHORIZING SOLICITATION OF BIDS FOR SALE OF
$2,575,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES
1999B
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the
City), as follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue
its General Obligation Tax Increment Bonds, Series 1999B, in the principal amount of
$2,575,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 469 and 475, to finance the
acquisition and improvement of property within the City's Housing Development Project Area.
SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the
City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached
hereto and hereby approved and shall be placed on file by the City Clerk. Each and all of the
provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds
and of the sale thereof. Springsted Incorporated, as independent financial advisers,. pursuant to
Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit
bids for the Bonds on behalf of the City on a negotiated basis.
SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the
Terms of Proposal, for the purpose of considering sealed bids for the purchase of the Bonds and
of taking such action thereon as maybe in the best interests of the City.
APPROVED AND ADOPTED this lst day of November, 1999.
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CITY OF LAKEVILLE
l
uane Zaun, a or
TEST:
Charlene Friedges, City erk
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